1.1 Economics

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Across
  1. 3. Subjective assessment influenced by personal beliefs
  2. 7. Breaking production into tasks for efficiency
  3. 10. Objective assertion that can be tested or proven
  4. 12. Scarcity causing choices to allocate limited resources
  5. 14. Human effort, physical or mental, in production
  6. 15. A resource that is exhaustible and cannot be replaced
  7. 16. Industries providing services like retail or healthcare
  8. 18. Trading goods, services, or money between parties
  9. 20. The study of how scarce resources meet infinite wants
  10. 23. Describes a resource that is limited and exhaustible
  11. 25. Focusing on producing a limited range of goods
  12. 27. Industries involved in manufacturing and construction
  13. 28. Extra satisfaction from consuming one more unit
  14. 30. Latin for “all other things being equal” in economics
  15. 31. Man-made resources like machinery used in production
  16. 35. Economist famous for the invisible hand concept
  17. 36. Economist known for free market advocacy
  18. 37. Systems combining markets and government intervention
Down
  1. 1. Economist who critiqued capitalism and proposed socialism
  2. 2. Value of the next best alternative foregone
  3. 4. Natural resources like soil, water, and minerals
  4. 5. Simplified representations used to explain economic phenomena
  5. 6. Systems where market forces allocate resources
  6. 8. Describes unlimited human wants
  7. 9. Combining resources and taking risks in production
  8. 11. Categories of primary, secondary, and tertiary activities
  9. 13. Systems where central planning allocates resources
  10. 17. A good that is scarce and has an opportunity cost
  11. 19. Value-based claim on what ought to be
  12. 21. A resource that can replenish naturally over time
  13. 22. Science A field of study analyzing human behavior, including economics
  14. 24. Output per unit of input, like per worker
  15. 26. Systems where buyers and sellers interact
  16. 29. Process by which supply and demand allocate resources
  17. 32. Industries like farming and fishing that extract resources
  18. 33. Worth of a good or service based on utility and scarcity
  19. 34. A medium of exchange, store of value, and unit of account